Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»BITCOIN NEWS»Optimism Network Activity Indicator Approaches Record Levels, Pushing Operating Profit 9% Higher
BITCOIN NEWS

Optimism Network Activity Indicator Approaches Record Levels, Pushing Operating Profit 9% Higher

By Crypto FlexsMay 18, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Optimism Network Activity Indicator Approaches Record Levels, Pushing Operating Profit 9% Higher
Share
Facebook Twitter LinkedIn Pinterest Email

Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics for the first quarter (Q1) of 2024, with its native OP token surging 9% on the back of this bullish momentum.

Optimism is seeing higher activity and rising trading fees.

According to Messari recently: reportOptimism’s circulating market capitalization increased 11% quarter over quarter to $3.7 billion, while its fully diluted market capitalization increased 1% to $15.7 billion.

Despite being wider Cryptocurrency Market RallyAs Bitcoin (BTC) and Ethereum (ETH) rose 69% and 53%, respectively, compared to the previous quarter, OP’s market capitalization ranking fell from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization.

First quarter operating profit circulation market capitalization growth rate. Source: Messari

Driving this growth was a significant increase in Optimism network activity. In the first quarter of 2024, daily active addresses reached 89,000, a 23% increase compared to the previous quarter, while daily transactions surged 39% to 470,000 during the same period. These indicators are approaching but not yet reached. Best ever In the third quarter of 2023.

Related Reading

Network revenue also increased 78% quarter-over-quarter to $16 million, driven by increased activity and a 48% increase in average transaction fees of $0.42. However, this average fee dropped significantly in late March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%.

Total fixed value increased by 18% in the first quarter

Despite the fee reduction, Optimism’s Q1 2024 on-chain profit increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also increased 18% to $1.2 billion, but its TVL ranking among all networks fell to 11th.

Within Optimism’s TVL DeFi sector It accounts for 86% of active addresses. According to Messari, Non-Fungible Token (NFT) applications and games followed at 6.9% and 6.7%, respectively.

TVL’s leading protocols included Synthetix ($370 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ).

Optimism’s stablecoin market cap also increased significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT accounted for the majority of this, with USDT surging 64% QoQ to $512 million, or 63%. of everything % Stablecoin market capitalization About optimism.

optimism
OP’s stablecoin market capitalization performance. Source: Messari

OP rebounds with the revival of the cryptocurrency market

Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of the first quarter. Instead, the OP went with a broader scope. market downtrendAfter hitting an all-time high of $4.84 in March, it hit an annual low of $1.80 just one month later.

However, as the overall cryptocurrency market has seen a resurgence of bullish momentum over the past few days, OP has followed suit. In the last 24 hours, the token has recorded a 9% price increase and a 3% increase in the past week, and is currently trading at $2.56.

Plus CoinGecko data It shows that OP’s trading volume has increased by 19% in the last 48 hours, reaching $290 million.

Related Reading

optimism
Looking at the daily chart, OP price is showing an upward trend. Source: TradingView.com OPUSD

During this new bullish sentiment This is encouraging. Operating profit is still trading 46% below its all-time high and faces significant resistance levels just before a potential retest of this milestone.

The first major resistance is $2.65 and then $2.90, which must be overcome before the token heads towards the $3.00 level. Conversely, the $2.34 support level has proven to be very important and should be monitored closely in case the downtrend reemerges.

Featured image from Shutterstock, chart from TradingView.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

As Nano Labs begins to accumulate $ 1 billion, BNB gets a big supporter.

July 5, 2025

Bitcoin is integrated into less than $ 108,000, but the eyes are set for $ 115,000.

June 29, 2025

Sequans starts $ 384M Bitcoin Treasury Initiative with Swan Bitcoin Partnership.

June 23, 2025
Add A Comment

Comments are closed.

Recent Posts

Bitcoin Breaks Through $110,000, Cloud Mining DEAL Mining Earns $7,960 A Day

July 10, 2025

Trump’s pressure on the Fed pushes 15B to ETF, ‘under positioning’ Bitcoin Bull ‘

July 10, 2025

Why Ether can increase to 3K this week: The main reason is explained.

July 10, 2025

NovaEx Launches With A Security-First Crypto Trading Platform Offering Deep Liquidity And Institutional-Grade Infrastructure

July 10, 2025

The PBK Miner uses XRP mining to start a stable and efficient income method to easily earn $ 18,000 a day.

July 10, 2025

Status Unveils First Gasless L2 On Linea With 100% Community Yield Allocation Mechanism

July 9, 2025

Stable for digital recovery and inheritance

July 9, 2025

Ushering In A New Era For Bitcoin DeFi

July 9, 2025

MultiBank Group Announces Early Access Waitlist For Pioneering $MBG Token

July 9, 2025

NEXBRIDGE And NEXPLACE Raise $8M Series A To Launch Integrated Bitcoin Capital Markets Ecosystem

July 9, 2025

Bybit Unveils Bold New Brand Identity With #IMakeIt Campaign — Ushering In A New Era For 70M+ Global Users

July 9, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitcoin Breaks Through $110,000, Cloud Mining DEAL Mining Earns $7,960 A Day

July 10, 2025

Trump’s pressure on the Fed pushes 15B to ETF, ‘under positioning’ Bitcoin Bull ‘

July 10, 2025

Why Ether can increase to 3K this week: The main reason is explained.

July 10, 2025
Most Popular

Changelog: Version 1.98 – Bitfinex Blog

June 19, 2024

Analysts predict an 8800% rise to $35 Cardano (ADA).

November 26, 2023

Crypto Exchange Upbit triggers

April 17, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.